If our house is in my name only and we go through foreclosure, could we buy a house later in my wife’s name?
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If our house is in my name only and we go through foreclosure, could we buy a house later in my wife’s name?
We just got turned down on a loan modification. If we go through a foreclosure on our house which is only in my name and save for a year, would we be able to get a house in my wife’s name?
Asked on August 7, 2011 Colorado
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you lose your current home due to a foreclosure which is solely in your name, but not in your wife's, whether or not you would be able purchase a new home where title would be in your wife's name alone in a year or so depends upon many factors. Some are as follows:
1. The price for the new home. Potentially you and your spouse would be able to purchase a home for a low price where no loan would be needed or if a loan was needed, the amount would be quite nominal in comparison to the purchase price;
2. If a loan is needed, whether or not a lender would loan you the required money due to any negative credit rating due to the possible foreclosure of your existing home;
3. Even though you state that your home is not in your wife's name, did she sign the loan papers and the trust deed (mortgage) recorded on the home as security for the loan's promissory note? If she signed the loan papers and trust deed (mortgage), her credit will also suffer a negative rating if your home is lost in a foreclosoure.
Good luck.
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you lose your current home due to a foreclosure which is solely in your name, but not in your wife's, whether or not you would be able purchase a new home where title would be in your wife's name alone in a year or so depends upon many factors. Some are as follows:
1. The price for the new home. Potentially you and your spouse would be able to purchase a home for a low price where no loan would be needed or if a loan was needed, the amount would be quite nominal in comparison to the purchase price;
2. If a loan is needed, whether or not a lender would loan you the required money due to any negative credit rating due to the possible foreclosure of your existing home;
3. Even though you state that your home is not in your wife's name, did she sign the loan papers and the trust deed (mortgage) recorded on the home as security for the loan's promissory note? If she signed the loan papers and trust deed (mortgage), her credit will also suffer a negative rating if your home is lost in a foreclosoure.
Good luck.
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